Insurance for 4WDs 10+ years old.

[Barry G]

Because the Monterey was comprehensively insured it has been written off for damage that would've cost approx $7,000 to fix.
Apparently this is as a result of VicRoads regulations now requiring that assessors write off vehicles where the cost of repair is close to the Gates Guide 'book value' NOT the agreed value.
Therefore, while your agreed value will see you paid out for that amount, it will not assist in ensuring you have your well set up older vehicle repaired.  At the same time, if it is totalled you get to un-bolt the 'fruit' not covered by insurance before it is sold for salvage.
Essentially, older vehicles seem hostage to regulations designed to stop young rev-heads getting access to write offs to fix up / swap rego and VIN numbers with stolen vehicles, etc.
So, is it actually better to just have 3rd party property fire and theft insurance and cover your own costs if you are in the wrong in a prang?
Presumably I am free to have my own vehicle repaired at my own cost if there is no need for an insurance assessor to become involved.
If I get hit by someone else I get my own quotes and insist on payment (either their insurance or personally / sue them) again, no-one is in a position to stop me from having the work done.
Am I missing anything here?
What are others experiences?

[McGirr]

With my 2000 model cruiser, the latest insurance with NRMA it was valued at $15,500. Premium around the $950 per year. I rang them as I had an agreed for $18,000 last year. They advised that being the age it is would make it hard getting parts hence the rise in costs for insurance this year. It was $840 last year.

Personally I would still have comprehensive insurance as parts are not cheap and even though the excess is $500 all I need is to damage the front end and I would be up for thousands to get it fixed.

I suppose it's a gamble as no one wants to be in an accident but things can and do happen.

Mark

[Bird]

it will not assist in ensuring you have your well set up older vehicle repaired.

I don't really have an issue with that.. if its that ****ed it needs that many $$$1000 spent on it, it will never drive the same or be the same car...

[achjimmy]

I don't really have an issue with that.. if its that ****ed it needs that many $$$1000 spent on it, it will never drive the same or be the same car...

Don't agree, fixed properly on a car aligner or such jig it can be as good as it was. Whethers it viable or not is another question.

Father had a friend that never insured a thing his whole life, reckons he was a head by a country mile.

I only run TPP and F&T on the Rodeo. Figure at $6-7k value and cost of premium with younger drivers its not worth it. But cop this rip off. If I park it and its stolen $800 excess, if the young bloke parks it and its stolen its $2,000 excess WTF!

[ScottH]

Not sure if it's still the case, but there was two classes of write-off; repairable and statutory.

Repairable write-offs can be sold, repaired and re-registered. This is typically where the estimated cost of repair is close to, or exceeds the payout value.

Statutory write-offs can not be re-registered and the VIN is blocked by the relevant motor authority. These are where the damage to the vehicle is considered too severe to allow a safe repair.

Many years ago I had a Datsun 1600 that was a financial write-off, which I bought for salvage cost, then proceeded to have straightened before completing the repair myself. I actually wound up with a car that drove better afterwards than before - possibly due to many upgrades.

See: http://www.vicroads.vic.gov.au/Home/Registration/WhatHasToBeRegistered/Written-off+Vehicles/WhatistheWrittenoffVehiclesRegisterWOVR.htm

[Barry G]

Not sure if it's still the case, but there was two classes of write-off; repairable and statutory.

Repairable write-offs can be sold, repaired and re-registered. This is typically where the estimated cost of repair is close to, or exceeds the payout value.

Statutory write-offs can not be re-registered and the VIN is blocked by the relevant motor authority. These are where the damage to the vehicle is considered too severe to allow a safe repair.

Many years ago I had a Datsun 1600 that was a financial write-off, which I bought for salvage cost, then proceeded to have straightened before completing the repair myself. I actually wound up with a car that drove better afterwards than before - possibly due to many upgrades.

See: http://www.vicroads.vic.gov.au/Home/Registration/WhatHasToBeRegistered/Written-off+Vehicles/WhatistheWrittenoffVehiclesRegisterWOVR.htm

Correct Scott, my car was declared a repairable write-off. 
The problem is that to get it re-registered would require it to be certified by an engineer, which effectively makes it an uneconomic option, unless you are a young rev head with more money than sense.

[Barry G]

With my 2000 model cruiser, the latest insurance with NRMA it was valued at $15,500. Premium around the $950 per year. I rang them as I had an agreed for $18,000 last year. They advised that being the age it is would make it hard getting parts hence the rise in costs for insurance this year. It was $840 last year.

Personally I would still have comprehensive insurance as parts are not cheap and even though the excess is $500 all I need is to damage the front end and I would be up for thousands to get it fixed.

I suppose it's a gamble as no one wants to be in an accident but things can and do happen.

Mark

Mark, you need to check the Gates Guide price, as (in Vic at least) that is the 'market value' used to determine the 'value' of the vehicle to determine whether or not it 'must' be written off. And I think the rules are national in that respect. I was specifically advised by the assessor and his team leader that they have no choice but to use the Gates figure, NOT the agreed value.
However, with your brand of tug being so popular, it probably does have a value in that order.  Swings and roundabouts I guess, in that I can pick up an 11 year old Jackaroo in excellent 'nick' for ~$8,000.